A Research on the Coordination of China’s Money Market and Capital Market
|Keywords||Money market Capital markets Financial functions Financial Structure Coordinated development|
Finance is the core of modern economy , a mature , well-developed financial market can effectively gather and configuration of social capital to promote the transformation of savings into investment , thus promoting economic growth . The money market and the capital market is an important part of the financial markets , its ability to coordinate the development of a direct impact on the financial markets function play , even the sustainable development of the economy as a whole . However, since China has been practiced financial system of \between structural imbalances in the market , the coordinated development of less . How to promote the coordinated development of China 's money market and the capital market , has become the focus of attention of the financial reform , which is the main problem of this study . In order to measure the degree of coordinated development of China 's money market and the capital market , the paper constructed an index system , angle from the money market and capital market development indicators , structural indicators , linkage indicators and function indicators , China and the United States, the United Kingdom, Japan , Taiwan , Brazil and other countries (regions) for comparative analysis. The study found that of narrow money market and capital market development lags behind , and there is a structural imbalance ; linkage between the money market and the capital market is not strong, the price signal transduction channels ; investment savings as indicators of financial functions conversion rate is too low , financial markets inefficient allocation of resources . Indicator analysis results show that the coordinated development of China 's money market and the capital market is still in the lower levels, and promote the coordinated development of both the need to have a reality . On this basis , the paper put forward relevant proposals to achieve coordinated development of China 's money market and capital market , and build a the risk \.